Australian airline Qantas is reducing the exit pay of its former CEO, Alan Joyce, by more than 40% following several controversies and expensive legal battles. Joyce was originally set to receive A$21.4 million (about $14 million or £11 million) when he left the company last year, but this amount will now be cut by A$9.26 million.
Qantas also plans to lower short-term bonuses for current and former senior executives by a third. The company released a review of its operations during Joyce’s tenure, acknowledging that while there was no intentional wrongdoing, mistakes were made by the board and management.
Joyce led Qantas for 15 years, guiding it through tough times like the 2008 financial crisis and the Covid pandemic. However, by the time he left in 2023, the airline faced public criticism for high fares, delays, cancellations, and how it treated workers.
Last year, Qantas lost a legal case over firing staff during the pandemic and agreed to pay A$120 million to settle a lawsuit for selling canceled flight tickets.
Joyce had planned to leave in November but resigned two months early, saying it was the best decision due to the negative focus on past issues.
For more details, see BBC’s coverage.
https://www.bbc.com/news/articles/cz73jydj4z1o